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Risk Assessment
This section provides an overview what risk assessment is. The following sub-sections provide detailed guidance on each step of the risk assessment process.
Overview
Overview
The Risk Assessment covers the analysis and evaluation of identified risk factors related to the seven Integrated Risk Framework (IRF) components: Strategic, Programmes, Funding Proposals, Processes, Projects, ICT, and Humanitarian. The process includes the assessment of underlying causes, likelihood, potential impact, assignment of focal points, and consideration of the organization’s risk appetite, while taking into account the effectiveness of existing Control Self-Assessment (CSA) controls and practices mapped to the relevant risks. The assessment process follows the periodicity and ERM calendar established by the Enterprise Risk Management Function (ERMF).
The objective is to enable first-line responders to conduct objective risk assessments and make appropriately risk-informed decisions. Heads of units are required to complete the assessment using a consultative, disciplined, and systematic approach.
Risk assessment steps
Risk assessment steps
Risk assessment is the iterative process of risk analysis and evaluation. The objective is to provide sufficient necessary information at appropriate suitable intervals for risk-informed management decisions. Robust risk assessments allow for greater acceptance of risk-taking opportunities (such as innovation, operational efficiencies, and maximizing existing synergies in processes) while ensuring rigorous monitoring and control of risks.
Risk analysis entails understanding the risks, and considering root causes with their consequences. The likelihood that those consequences can occur, provides input to the choice of the most appropriate risk response strategies. The risk assessment will be conducted on the myRisk 2.0 application. Steps are as follows:
Step 1:
View risk factors
Step 2:
Select causes
Step 3:
Assess control effectiveness
Step 4:
Assess impact
Step 5:
View likelihood
Step 6:
View risk rating
Step 7:
View if the assessed risk is out-of appetite or within appetite
Step 8:
Select risk response option
Step 9:
Select focal point and alternate focal point
Step 10:
Map results and resource plan
Step 11:
Complete and submit the assessment for an individual risk factor
Step 12:
Submit the entire risk assessment for Head of Office review
Step 13:
Head of Office return the assessment for revision (if applicable)
Step 14:
Head of Office Submitthe Risk Assessment to RRC for validation
Step 15:
RRC Secretariat Assign Lead to Individual Risk Factors
Step 16:
RRC Lead Review Risk Factor Assessment
Step 17:
Non-Lead RRC Members Review Risk Factor Assessment
Step 18:
RRC Secretariat Return Assessment for Revision
Step 19:
BU Focal Point: What to Do After an Assessment Is Returned for Revision by the RRC
Step 20:
RRC Secretariat Validates an Assessment
Resources
Resources
Links
Links
myRisk 2.0 application
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